The use of deployable parachutes for emergency recovery of an aircraft in an uncontrollable spin is well known in the art. In some of these known systems a parachute is deployed from the rear of an aircraft fuselage to exert an anti-spin torque opposite to the spin of the aircraft. Since these fuselage mounted parachutes require large diameter parachutes and long towlines to operate effectively, the additional bulk and weight penalties may hinder the performance characteristics of the aircraft. Recently, wing-tip recovery parachutes have been suggested for flying wing type, single, and multi-engine aircraft. In this system, each wing-tip is equipped with a stowed parachute and, when the aircraft enters into an uncontrolled spin, the pilot determines the direction of spin and chooses the appropriate chute to be deployed to correct the spin. Although wing-tip mounted spin recovery parachutes are smaller than the previously used fuselage mounted parachutes, their use requires separate parachutes, separate parachute housings, and separate deployment mechanisms, resulting in very little weight savings. In addition, the positioning of spin recovery parachute housings on each wing-tip results in an inertial disadvantage by having unrepresentative masses located at extreme areas of the aircraft, and an aerodynamic penalty of having unrepresentative structures located in the vicinity of control surfaces. The present invention utilizes the advantageous features of wing-tip mounted spin recovery parachutes while eliminating or minimizing the disadvantages thereof.